Massive Urgency To Secure Supply
U.S. TUNGSTEN POLICY
- The U.S. has not produced tungsten domestically since 2015
- Policymakers in Washington, D.C., are working to secure supply from friendly trade partners
EUROPEAN UNION (EU)
- Renewed anti-dumping duties on tungsten carbide imports from China for another five years
- The decision followed an investigation confirming that lifting these measures would harm the EU industry
DEFENSE PROCUREMENT RESTRICTIONS (DFARS)
- U.S. defense systems must source specialty metals from approved countries
- Chinese tungsten is restricted in U.S. defense applications
CHINA’S
TUNGSTEN MARKET
- Tungsten production in China faces internal price and supply pressures
- Upward price trends are expected to continue beyond the short term
- China announced new export controls on tungsten products
TRADE
MEASURES
- Many Chinese-origin tungsten products are subject to 25% Section 301 tariffs
- U.S. policy increasingly prioritizes allied and domestic tungsten supply chains
U.S. DEFENSE
PRODUCTION ACT
- In March and April 2025, President Trump issued executive orders to boost U.S. mineral production, reduce dependence on China, and strengthen domestic supply chains
- These actions spotlight tungsten’s strategic importance and are driving increased investor interest in allied-aligned supply sources
Tungsten market
Demand, Supply & Pricing
ESTIMATED GLOBAL MARKET SIZE
- The global tungsten market is projected to reach US$11 billion by 2030, growing from US$5.55 billion in 2025 at a CAGR of 8%, continuing a growth trend observed over the past 100 years.
- Global demand remains strong, driven by increasing needs for military materials, electric vehicles (EVs), semiconductors, clean energy, and manufacturing equipment.
TUNGSTEN MARKET SUPPLY CHALLENGES
- China controls ~83% of global tungsten mine production, making it by far the dominant supplier. North America currently has no domestic tungsten mine supply.
- China, Russia and North Korea collectively control ~87% of tungsten production. Resource nationalism, export controls, and geopolitical tension involving either country pose severe supply-chain risk to Western economies.
TUNGSTEN MARKET PRICING TRENDS
- Tungsten prices continue to appreciate, surging in early 2025 primarily due to China’s export controls tightening global supply. With rising resource nationalism, further price appreciation is expected. Historically, tungsten prices spike during periods of war & surging demand in sectors like EVs and semiconductors, suggesting the market may be at an inflection point.
Allied Critical Metals
Why Tungsten Matters
Advancing strategic tungsten assets positioned to strengthen Western supply chains and create long-term shareholder value.
607%
TUNGSTEN
PRICING
INCREASE
66%
AVERAGE
TUNGSTEN
GRADE
Defense · Advanced Manufacturing · AI
Defense · Advanced Manufacturing · AI
0
PROJECTS
Borralha + Vila Verde Portugal
Q4 0
Targeted First Tungsten Concentrate Production
US$0
MTU 2026
Offtake Floor Price
0%
Vila Verde Pilot Plant Production Covered by Offtake
